FIDELITY SELECT PORTFOLIOS(registered trademark)
Supplement to the Statement of Additional Information
dated April 21, 1993
The unaudited Semiannual Report to Shareholders for the period April 21,
1993 (commencement of operations) to August 31, 1993 is incorporated herein
by reference.
The following replaces similar information found on page 6:
"Brokerage and Investment Management Portfolio and Financial Services
Portfolio
Rule 12d3-1 under the Investment Company Act of 1940, as amended, allows
investment portfolios such as these funds to invest in companies engaged in
securities-related activities subject to certain conditions. Purchases of
securities of a company that derived 15% or less of gross revenues during
its most recent fiscal year from securities-related activities (i.e.,
broker/dealer, underwriting, or investment advisory activities) are subject
only to the same percentage limitations as would apply to any other
security the funds may purchase. Each fund may purchase securities of an
issuer that derived more than 15% of its gross revenues in its most recent
fiscal year from securities-related activities, subject to the following
conditions:
a. the purchase cannot cause more than 5% of the fund's total
assets to be invested in securities of that issuer;
b. for an equity security, the purchase cannot result in the fund
owning more than 5% of the issuer's outstanding securities in that
class;
c. for a debt security, the purchase cannot result in the fund own
ing more than 10% of the outstanding principal amount of the issuer's
debt securities.
SELB-93-2 Page 1 of 2 October 21, 1993
In applying the gross revenue test, an issuer's own securities-related
activities must be combined with its ratable share of securities-related
revenues from enterprises in which it owns a 20% or greater voting or
equity interest. All of the above percentage limitations, as well as the
issuer's gross revenue test, are applicable at the time of purchase. With
respect to warrants, rights, and convertible securities, a determination of
compliance with the above limitations shall be made as though such warrant,
right, or conversion privilege had been exercised. Neither fund will be
required to divest its holdings of a particular issuer when circumstances
subsequent to the purchase cause one of the above conditions to not be met.
The funds are not permitted to acquire any security issued by FMR, FDC, or
any affiliated company of these companies that is a securities-related
business. The purchase of a general partnership interest in a
securities-related business is prohibited."
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